Egypt’s foreign currency receipts reach $159.6b in ’23/’24

Egypt’s foreign currency receipts reported a 30.8 per cent year-on-year growth, reaching $159.6 billion in the fiscal year 2023/2024 from $121.9 billion a year earlier, as per a report from the official statistics agency CAPMAS on Tuesday.

This growth was primarily driven by an increase in foreign direct investment inflows, which reached $32.9 billion in the 2023/2024 year, the statement added.

Total foreign currency payments rose by 10.0 per cent year-on-year to $148.5 billion in the 2023/2024 year. The rise was mainly due to higher import payments, which reached $67.8 billion compared to $61.6 billion in 2022/2023.

Arab League countries were the main contributors to Egypt’s foreign currency receipts, totalling $66.9 billion, making up 41.9 per cent of total inflows. The UAE led with $36.4 billion, followed by Saudi Arabia with $17.1 billion.

European countries dominated outbound foreign currency payments, totalling $53.2 billion, accounting for 35.8 per cent of total payments. The United Kingdom topped the list with $14.4 billion, followed by Germany of $9.5 billion.

Transactions with COMESA countries (of which Egypt is a member) declined 25.3 per cent to $2.8 billion, compared to $3.8 billion in the previous year. This resulted in a trade deficit of $926.7 million in the 2023/2024 year.

Meanwhile, trade with the European Union rose to $51.8 billion, an 8.9 per cent increase from the previous year. The foreign currency trade deficit with the EU also widened to $9.0 billion, up from $5.1 billion in the 2022/2023 year.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser